Crypto analysts predict a major altcoin rally despite the current market downturn. CryptoAmsterdam and Michaël van de Poppe shared insights on X, highlighting potential buying opportunities.
Both experts note extreme selling pressure but see signs of a possible market shift. Ethereum and altcoin’s resilience, coupled with historically low RSI levels, suggests a rebound may be imminent.
What you'll learn 👉
Altcoin’s Market Outlook
Analyst CryptoAmsterdam provided a comprehensive market outlook for altcoins. The analyst maintains a bullish perspective in the long term, noting that the cycle pattern remains intact. However, challenges persist for altcoin investors in the short term.
On the medium time frame, CryptoAmsterdam observed that the 0.25 level acted as resistance. The recent pump was interpreted as a bearish retest, contributing to the ongoing mid-cycle chop and downside movement. Consequently, the market is approaching the range lows.
“We’re halfway to the range lows. IMO it’s not the time to scale into new positions,” CryptoAmsterdam stated. The analyst advises waiting for lower prices near the range low or a clear breakout above the 0.25 level and trendline confluence.
Potential for Rally
Despite the current downturn, CryptoAmsterdam remains optimistic about the altcoin market’s future. The analyst believes the most substantial altcoin rally of this cycle has yet to occur. Moreover, the upcoming buying opportunity near the range low could be the most favorable of the cycle.
CryptoAmsterdam also highlighted an interesting observation regarding market structures. While Bitcoin broke its recent lows, Ethereum and Solana maintained their structures and potentially formed higher lows. This divergence could signal a shift in market dynamics.
Ethereum and Altcoins
Michaël van de Poppe, another crypto analyst, shared his insights on the current market situation. He noted that Ethereum’s Relative Strength Index on the daily timeframe has reached its lowest point since August 2023.
Furthermore, van de Poppe observed that altcoins have hit their lowest RSI levels ever or of this cycle. He characterized the current market condition as “clear capitulation,” suggesting extreme selling pressure and potential oversold conditions.
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Show more +Read also: Solana Price Prediction: Expert Maps SOL’s Trajectory Up to $5,100
Market Sentiment and Future Outlook
The analysts’ observations paint a picture of a market in transition. While current conditions appear bearish, both experts see the potential for a rebound. CryptoAmsterdam suggests the worst may be over for altcoins, despite the possibility of further downside and ranging in the short term.
Looking ahead, CryptoAmsterdam speculates that market dynamics could become particularly interesting if Bitcoin establishes a local bottom or reclaims its recent swing low. This scenario could potentially trigger a broader market recovery, benefiting altcoins in the process.
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